2012-12-01
2012-12-31
x ho

STATION
CNBC 17
CNNW 5
KPIX (CBS) 5
MSNBCW 5
FBC 1
LANGUAGE
English 40

Set Clip Length:


of the highway patrol in california is a guy named jeff talbott. we believe he's a patriotic american. there he is. in his last year, 'cause he's retired now, jeff collected about a half million dollars in salary. half million dollars. okay? and he retired on $175,000 a year pension. jeff is a police officer. what are you laughing about? you don't think jeff deserves half million? >> god bless jeff. god bless everybody. i mean, the fact -- the season, god bless everybody. but when we have state patrol officers in the state of california walking away with 90% of their highest salary as their pension -- >> bill: they can't pay it. >> there is a reason they call california lala land. >> bill: that's the crux of the matter everywhere. pensions, over time, unions and the folks don't have enough money to pay it. am i oversimplifying it? >> you are simplifying it brilliantly. >> bill: we're sorry to pick on you, jeff. as i said, i believe he's a patriot. probable will he gave his whole career to forgetting the people of california. but 500,000 a year, all right, he gets paid, and then he's walking awa

to be the potential for tornadoes in the southeast and meteorologist jeff berardelli of wfor has more. good morning, jeff. >> good morning, rebecca. already getting active out there, especially in parts of texas and louisiana. severe thunderstorm warnings are ongoing. the reason for it is right now we have a lot of energy in the atmosphere and what that's causing is the potential for a widespread severe weather outbreak. winds out of the southeast and winds out of the southwest and that causes spinning in the atmosphere or wind sheer. this is a powerful system. a lot of the thunderstorms are going to become rotating super cell thunderstorms. we expect probably a lot of tornadoes and some of them could be on the strong side during the day today. >> all right, jeff, merry christmas. thanks so much. >>> christians around the world are celebrating the birth of jesus. pope benedict delivered his annual christmas day message talking about what he called the slaughter in syria. earlier he talked about the need for god in a technology-driven world. and crowds packed manger square in be

asked general electric chairman and ceo jeff immelt for his thoughts on the looming fiscal cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got to get this done now. not there are people who write and go on news shows and say we can let it lapse two weeks. that is specifically not true. we need this to get resolved now. not because because jim mcnerney will say it or jeff immelt will say it, but the millions who work for us, their lives are in flux. this is incredibly credible that we get it done now. we need revenue. everybody knows we need revenue. >> i think the president is right in asking for more revenue and therefore not extending the bush tax cuts to those with more than $250,000. >> bowles-simpson, there's not been one commission that says we can do this just on spending cuts. there has to be revenue. i think speaker boehner is the only guy that can lead us in that. >> that means you've got to take the republicans from the house of representatives and make the deal. >> and i trust that he could do it. >> we'll have more of that

? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from jones day who specializes in wall street deal making. jeff, it is ammo on wall street to do things behind closed doors. you don't want word to get out on the negotiations. it gets too messy. >> right. i wouldn't advocate for a lot of people to do what wall street does. one thing you can say is they've helped facilitate thousands of mna deals this year. they've figured something out with these transactions. the deals that are most successful have the better chance of success are the ones that you negotiate behind closed doors, not the ones that turn into hostile battles and spill out into public, which is what we're seeing noup. >> i understand that, but at the same time, what wh are we going to have a deal already? people are so frustrated by this. we've had 13 months to think about. now we're down to 26 days. bob, can you really make a deal on the fiscal cliff when the negotiation is out in public? do you think we'll get a deal done? that

only one viewpoint on that same subject matter. >> jeff, what about that? is this a first amendment issue? >> this is actually a hard case, i think, because it is true that physicians or anyone else can express any kind of opinion they want about homosexuality but it's also true that the state of california can regulate the practice of medicine, including telling doctors and any kind of care providers you can't mislead, give advice that will hurt patients. they can't prescribe laetrile to cure cancer because that doesn't work. what the state of california tried to do here is say that this kind of therapy is harmful, especially to children, and we as the state can stop it. that i think is close to legal, but it is also true that physicians and therapists do have certain rights to express their opinion about what works and what doesn't, and the judge tried to navigate between the two of those. >> but is this ruling, jeff, by the judge, the law, does it stop a therapist from speaking out against -- i mean, if they want to go on television and say being gay is bad or you know, against r

advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or congress. >> right, and frankly that's very expected. there's going to be a -- some grandstanding about your political philosophies right up until the end, but the way i view this is we will not and cannot go over the fiscal cliff. >> you think the can will be kicked down the road. >> well, i think washington learned its lessons from the credit crisis. they are not going to have this go over the cliff, and i think it's going to be a recipe of a small part of cutting spending. a small part of raising taxes and a healthy doze of kicking the gan down the road. >> you would be so sure that these guys cannot do it when in fact here we are 18 days away. steve sax from your standpoint in, terms of etfs and in terms of indexing out there, how do you want to invest given all of these uncertainties as we approach year end? >> i'm in the camp i certainly hope we can avoid the fiscal cliff, but right now i don't have a lot of confidence. we're still seeing a lot of f

what led to this massacre.acre. jeff gore is inlor is in newtown, connecticut, where two victims were laid to rest monday morning. >> reporter: good morning to you and good morning to your viewers in the west.n connecticu one week this week will be full of funerals and wakes. friday's in connecticut on monday the first two funerals were held for the victims of friday's 6-year-old shooting, 6-year-old noah pozner 6- and 6-year-old jack pinto. the state's and lieutenant ed one of th governor each attended one of you try their services. >> you try to feel their pain but you can't. some you try to find some words that you hope will be adequate knowing they'll be inadequate see and you see little coffins and your heart has to ache. >> reporte >> reporter: that heart ache will continue over the coming day days, as more funerals take place and as the holidays oach. approach.iddle in the middle of town here an ev ever growing memorial has become who a site for those who want to pay their respects of >> because i'm a dad of four en four beautiful children, four daug daughters

to squawk on the street, joined by jeff sprerk, ceo of intercontinental exchange and duncan niederauer, ceo of the new york stock exchange. a cash and stock deal worth roughly $33, a bit more now, per new york stock exchange shares, given ice shares are actually up. gentlemen, nice to have you here on the floor. duncan, let me start with you. >> sure. >> my understanding is mr. sprecher approached you a number of months ago, conversations began. when he approach ready you at the time, give pun the previous history where you have been part of the potential hostile for the new york exchange, why did you say, all right, i will talk to this guy and what were you thinking when the approach was made? >> a lot of questions in there first of all, we have known each other for a long time. we like each other and i think our attitude is business first, right? so it was business last year. i understood why jeff was doing what was doing. he understood what we were trying to do we have been friends, we stayed friends and if we put our shareholder value creation hats on, this was an easy discussion to hav

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of the top names in music. as jeff glor reports, the cause hits home for many of them. >> i've never seen anything remotely close to what hurricane sandy was. >> reporter: sandy was a worth-case scenario storm. millions lost power, thousands lost homes, and over 130 people lost their lives. new jersey new york and connecticut were the hardest hit. they're also home to some of the biggest names in music. >> i was here during the storm. it was scary. >> to witness my city and the tri-state area really going through something where nobody could control it. >> this was just complete and entire buildings washed away into the sea. >> reporter: 121212, the concert for sandy relief at madison square garden is being called one of the biggest music events of all time. >> we called bruce springsteen and paul mccartney and they said yes immediately. >> reporter: the last time producers managed to bring this many big names together, it was after 9/11. ♪ i've seen the lights go out on broadway ♪ >> reporter: 121212 has already raise third degree $2 million in sponsorship b

the existing gun laws? >> well what they do is -- they've got this policy and jeff miller the former head of the pennsylvania state police head of security for the nfl, john rossi, his deputy. they go team to team city to city and they sit down and go over a number of security issues, but they cover this gun policy very carefully saying every law in every state is different. you can't go traveling around with it without understanding those laws. the key is this policy is very strict. it says nfl prohibitions a stadium, a facility owned or operated. that means stadiums locker rooms, hotels buses, planes. there's a strict prohibition on guns and the players are -- their cars are screened coming into stadiums for parking. so a violation of that means hitting them in the pocketbook. >> but the issue here is culture, is it not? >> well there's an argument that we've heard in the axelrod piece that it is culture. i think the nfl officials look at it from a more practical sense, which is you have a number of people who come from tough places in tough cities who now go h

names, tim scott, nick, jeff duncan, and joe wilson would be extraordinary. she has access to much better political minds and more wisdom than i can afford her, but high on the guys i served with in the house. tough to replace gym demint no matter who she makes, but tim scott would be extraordinary, our state would be well served with any one of them. lou: congressman, that's why i'm sure you're on that list. congressman, thank you for being with us. economic thinker tomorrow author of the book on supply side economics, "wealth and poverty," the former cbo directer, douglas holtz-eakin, and up next tonight is the governor of michigan, is he going to be the next scott walker? details on his pro-worker push in michigan straight ahead. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gavisco®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. is what drives us to broadcast the world'biggest events in 3d, or live to your seat high above t

fiscal cliff with jeff blake from arizona. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> welcome back to the "squawk on the street." i'm sharon epperson with the latest report from the energy department on oil supplies. could oil supplies in the past week, they rose by 843,000 barrels, 843,000 barrels, that was an increase where many analysts had been anticipating a decline. but it was not as big a build as what the american petroleum institute reported last evening. the gasoline supply numbers, definitely one that surprised many traders. an increase of 5 million barrels in the past week. gasoline supplies rose by 5 million barrels in the past week. and supplies rose by 3 million barrels in the past week. we are looking at prices coming off of their highs of the session. a big build across the board. that is l

white and senator jeff merkley who will detail his plan to fight filibuster. next is "andrea mitchell reports." luke russert is in for andrea. how are you doing? >> i'm doing good. nice to see a writer for "the nation" dress like that. >> i cleaned it up. >> great stuff, good to see you in the hosting chair. i'm luke russert in for andrea mitchell. >>> up next, deadline looms and house is staying out on the winter break. the movements and lack thereof in washington with senator kay bailey hutchison and congressman jerry nadler. plus what's next on gun control and all you can look forward to in the next 24. iti price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. i've got a nice long life ahe

a former policy adviser for new mexico senator jeff bingaman. thank you for being here. >> great to be with you rachel. >> am i being naive to think this was going to pass? >> a lot of people thought it was going to pass. of all the treaties, this would be the easiest to pass. there were other treaties pending. this is about people in need and it didn't. this is a branch of the gop that did you want represent all republicans, but it's the obnoxious nationalist wing that really resents any international deal making. there's a lot of worry not just about people with with disabilities, but all the other trea treaties that position the united states and show that it can be the primary sculptor of global affairs, and we're defecting from that as of today's vote. >> so 126 countries ratifying this, but us, not ratifying it. particularly when it's modelled on our law. that takes us out of a global leadership role? >> it leaves a void that the united states is walking away from the responsibility of primary leadership in the world of sculpting global affairs in the world that are good fo

to have same-sex marriages. i think anthony kennedy, as is often the case, will be the swing vote. >> jeff toobin, thanks very much. >>> tragedy after a prank call makes headlines. this is such an awful story. a pair of australian shock jocks, deejays, whatever you want to call them, got through to the ward treating katherine, the duchess of cambridge. the nurse that answered the phone has apparently taken her own life. there's fallout for the deejays. the royal family is weighing in on what happened. we have a live report ahead. capella university understands businesses are trying to come back from rough economic times. employees are being forced to do more with less. and the need for capable leaders is greater than ever. when you see these problems do you take a step back, or do you want to dive right in? with a degree in business from capella university, you'll have the knowledge to go further in your career than you ever thought possible. let's get started at capella.edu plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health conc

former treasury secretary altman and jeff greenfield. bill? >> stocks are trading off the highs of the day with less than an hour to go. final hour, really from the get-go. optimism about the cliff talks and senator harry reid made some comments this afternoon that put a damper on that real. we've lost about 30 points. in that time. up 74 on the dow at 13,244. the nasdaq is doing well today, up 32 points. more than a 1% gain, although it is off its highs of the day at 3019, and the s&p 500 index is 8 plus points at 1426. the word on the street is because of the fiscal cliff, some investors are actually selling the winners, the winning stocks, and they are holding on to the poor performers, the opposite what have they have been doing the last few years. maria? >> makes a lot of sense given the fact that tax les go higher on capital gains. you want to get out of some of those names. let's find out how you should be investing 20 days away from the deadline. in today's "closing bell" exchange, carol roth with us, rich peterson from is & p, jonathan corpina from meridian equity partn

to a single telemarketing firm which just happens to have been founded by current rnc chief of staff jeff larson. >> it's sort of a closed loop world here where -- >> unbelievable. >> you have people working for the party but they have side contracts with the party and then no matter what happens, no matter the fortunes of the candidates, for the senate or congress or even presidentially, the folks who have the deals, they always end up coming out on top, win or lose. >> right. and karen, no less a conservative than bill krystal is writing about this now. he says of his own party, quote, the conservative movement is in deep disarray. it may be that major parts of american conservatism have become such a racket that a kind of refounding of the movement as a cause is necessary. it is a racket when you have a serial adulterer like newt gingrich and you have got a criminally wrong dick morris still in the racket still making millions. >> but they're the party of family values, what do you mean? >> sorry. they're making millions. >> absolutely, they are making millions, and the thing is they'r

for worldwide aging population. i expect ge to be very upbeat. i think jeff immelt's going to tell a good story. some of that's because the company just boosted its dividend by 12% today p. you don't do that if you're doing poorly. the meeting will be the most talked about event of the day, maybe even the week other than the fiscal cliff. next up, oracle reports on tuesday after the close. i normally like oracle going to earnings. i heard so many rumblings of a better than expected quarter that it makes me nervous given the stock rallied some 25% on the year. the quarter's got to be lights out or we can see beatdown. wednesday morning we get a result from the exact opposite of oracle's general mills. nothing like -- this one just kind of goes up a little bit each quarter, delivers superior returns over a long period of time. and allows you to sleep at night. general mills hasn't done anything of late. but do you pocket that fine dividend, hold on, leisurely ride. stephanie link and i were talking about the stock last night. she's the co-director of actionalertsplus.com, my charitable trust. it'

fundamentals? >> joining us right now to weigh in on cnbc contribute richard bernstein and jeff tanose of jpmorgan and our own bob pisani. gentlemen, thanks for joining us. rich, what do you think about fundamentals going into 2013, corporate sector, economics? >> i'm actually quite bullish about 2013. i think we're going to start getting, as the year goes on, easier comparisons for corporate profits. the corporate sector as we know is loaded for cash. i think when we get beyond this uncertainty and corporations have more certainty, i think we're going to see an m & a wave because they have underinvestmented for the future by hoarding all the cash so i think they will have to buy growth so i think 2013 could be a very good career. >> what do you think, joe? >> i agree. everything we've been dealing with the past year has been the uncertainty. is it europe, the election? is it the fiscal cliff, but as you go through those one by one, the election is now behind us. i do believe we'll have a resolution on the fiscal cliff and if you look at europe, the ecb put a gigantic band-aid on this

'm fading big time nokia. >> that's what makes a market, but that was pretty funny, jeff. thanks so much. merry christmas to you. scott, over to you. >> talk a little numbers and a street fight breaks out. go figure. let's get to mary thompson back with breaking news at hq. mar? >> morgan stanley wealth management is dropping john paulson's advantage and advantage plus funds from its retail broke rang menu. of course, paulson is the hedge fund manager who made a killing during the housing crisis. now in an e-mail sent to morgan stanley's financial advisers yesterday they changed the status of the funds from watch to redeem saying its client should pull the money from these funds. the company citing the fund's weak performance. two umbrella funds for paulissen basically employing a number of his strategies, and they have had a hard part investing in gold where he's not done so well. the advantage fund was down 5% in november, advantage plus down 5.6%. back to you. >> mary, thanks so much. mary thompson for us with the breaking news. face it, we're all getting a little older, but if you ac

is shopping. you just saw the updated numbers that came out this morning. >> well, jeff, yes, i'll concede its most recent quarter was not profitable, but it's been a profitable company. not nearly as much as a lot of folks would see and there's a reason. they have been taking market share and doing it in the cloud. use the cloud streaming services of amazon which is indicative of what an important player amazon is becoming in that field as well. it's an expensive stock. you're paying an astronomical p and still a dominant player in e-commerce and one of the new areas where it's dominant is the iphone this year. >> two companies we've been following very closely this year. thanks for joining us on "talking numbers." see you later. happy holidays. mandy? >> a quick look at what's happening with the markets right now. the do you is just hitting flat with the down side barely moving at this point. of course, we're counting down to the bell. also got aetna's ceo who says his hiring plans for the new year will definitely be affected by the fiscal cliff, and get this, he also says health care costs

treat it like a piggybank. megyn: remember the whole jeff neely picture in the hot tub -- >> very creepy, scary. megyn: conference, and -- there he is. [laughter] >> what's scarier, the zombie or him? megyn: i don't know. they had the contest where the people were rubbing money all over themselves, they were like, yeah, we gotta spend it. and that was our money. >> don't forget the clown show. >> you know what? and then it gets even worse at the state and local level where these guys go to atlantic city -- megyn: you are supposed to be making us feel better, you are supposed to be defending the administration. >> well, actually a pox on everybody. it's not an administration thing, the democrats do it, the republicans do it -- megyn: it's an american thing. spend on frivolous things. >> i know, and i hate to be a buzzkill, because i know i'm supposed to make you feel better -- >> no talk of cutting back spending. all about how much we're going to raise taxes so we can have more fun, so we can have more fun like this. break out the zombies. megyn: 40, 40, -- ho, ho, ho! i'm reading rudolph

muniz, congressman steve israel, jeff sessions, javier palimares, the president and ceo of united states chamber of commerce, and chicago mayor rahm emanuel as well. cnn news room with ted roland begins now. >> stories we're watching now in the cnn newsroom. off the air and under siege. >>> i think about their family and what they must be going through and the thought we may have played a part in that is gut wrenching. >> for the first time, we're hearing from two radio deejays blamed for the nurse's suicide after that royal prank phone call. plus this. ♪ a plane crash cut short the life of popular mexican-american singer jenni rivera. now investigators look into what brought down that plane that killed everyone on board. >>> south korean rapper psy receives a warm welcome in washington despite his past anti-american comments, and president obama getting some flack for attending that performance. >>> plus the bizarre saga continues. american tech mogul john mcafee fighting deportation to belize. he holds a news conference from behind bars. you'll hear what he has to say. "cnn newsroom"

the company of loved ones. >> and then, congressman, just after he said that senator jeff sessions of alabama said this, and i shall quote, president obama today gave another speech about the fiscal cliff, no plan, nothing that can be scored or analyzed, just another speech. if president obama wishes to avoid the fiscal cliff then he with all of the power and influence he holds as the leader of this nation must submit to congress in legislative form a plan that he believes can pass both chambers of congress with bipartisan support. no more secret meetings and pointless press conferences. your reaction to both of those? >> yes, i do agree with senator sessions. you know, back room deals, they never work out well. i do commend speaker boehner for allowing the house to work its will and to work by regular order. we have sent all of the bills that the senate needs to address this. the first one went over on may 10th which was reconciliation. august 1st was our tax extenders. the third was on our sequester. and then you finished in september with a path for tax reform. they are all on harry reid's

the first person, was the receptionist, she was great. and jeff brown, he took me through it. it wasn't a hard sales pitch. in fact, we couldn't even do anything for two weeks. so in that time we started with the orientation and training and every time we did, took a step closer and it was good. >> steve: it's been great for you so far. i know you've been a stay at home mom. you were looking for something. now your brother could actually work for you if he chooses. david, this is the kind of story you're looking for. >> exactly right. we have 30 master territories in operation presentsly with approximately 2200 unit franchisees such as yvonne and look for additional veterans to come in at a higher level to purchase these master territories. hence our discounted program. >> steve: got you. this is a company that specializes in janitorial services, right? >> yes. all business to business. >> steve: all right. so you've already got two businesses who have said, you needs? we want your business to clean our business. >> that's right. i'm cleaning up. >> steve: you are cleaning up. it's tu

up going, what's going to make phil look good? >> right. >> what's going to make before jeff now steve burke feel good, like they got the best of me. >> right. >> and i'm going to give them that, but i'm going to take what i've always wanted all along. and it's money. give them what they want. but it's -- it's a deal. you figure out what they can give up, they figure out what you can give up and you do the deal and everybody walks away. every deal i've ever done, everybody walks away feeling like they won. >> and you know who made a life out of that? was the labor negotiator ronald reagan. >> yeah. >> brian cashman's on the phone for you, joe. he's listened to that. he wants to talk to you about how to get rid of alex rodriguez. >> actually, he wants you to play third base. >> well, you know, i've got two good hips. >> there you go. >> two more than a-rod. second hip replacement. >> that's terrible. former british prime minister tony blair joins us onset, also ron fournier will be here to discuss about his cover in the national journal. >>> and coming up, arianna huffington onset

's been a big year of musical chairs at jpmorgan, jeff staley was replaced at investment banking ceo in july and given a chairman title many onlookers looked at it as a swan song. in the six months, two financial services companies sought him out as a potential ceo, most recently legg mason, which has seen funds under management shrink by 40% since the last time staley was considered in 2008. talks have dissolved in the last month, a spokesperson says legg hopes to name a chief expeditiously. legg follows barclays which ousted its ceo following this summer's lie bore scandal. the board was set to see staley as one of its top candidates albeit an american and it went to antony jenkins. definitely a guy to watch who could be on the move, jes staley. >> back to bob pisani at post nine, maybe u.s. markets are not the story. >> a very strange global stock market i mentioned earlier we have new highs all over the world if you're a global investor you ought to be happy about this. let me show you here we've got new highs in germany, france, switzerland, hong kong, thailand, india is at a ne

. >> we're standing by. we're waiting to find out. jeff, thanks. >> me too. >> good to see you. >>> how to keep astronauts from being exposed to too much radiation in space. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see

trillion in debt. jeff, so what does it take to get someone like alicia hired? >> i think that the economic underpinnings underpinnings require some security and some long-term stability. it is not enough for congress to come along and say, okay, we have decided on this deal for 2013. i think the political class is loving this attention. we're all sitting here on pins and needles and bated breath waiting for they on high to decide our futures. it would be really nice if we could get back to the point where we say here is the rates, here is the appreciation, here is the withholding, and let the rest of us go do what we're supposed to do, which is help alicea get a job. >> students protest for healthy school lunches. they actually get what they asked explains how next. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide

. they are still on the loose . people magazine. who is in the news. jeffs quarterback tim tebow and main squeeze. we are talking about camilla bell. that's the true. they are no longer dating. i guess it has something to do with him not starting. maybe she wants member who will play every day. we'll look into the story. >> gretchen: i thought you meant free agent. check out how wasteful spending drive up health care costs. medicare has been paying more than $900 for the back brace you can see on the screen. guess how much it should cost. $100. right on the internet and american taxpayers are footing the bell. our next get of said it needs to stop. sorry you had that job. he's with us with washington to share what needs to be done. good morning to you, kirk. >> gretchen: what a tough job for you to formally have. this is a ram pant problem. why is medicare reimbursing $900 for that back brace. medicare looks at the items and decides how much you will reimburse and they set a fee schedule of $900. it is like if you walked in the restaurant and the menu said it costs $10 to order dinner and they br

with jeff henserling of texas. right now, let's bring in our coworkers, joe kernen and andrew ross sorkin. thank you. good to see you. >> good to see you, too. >> it wag something to see when we -- well, i'm not going to go into it. but we hugged it out. >> a big bro man. >> the only thing is, you weren't here, which made it bittersweet. >> we'll have her back tomorrow. >> we will. >> we'll see you tomorrow. we hope you had a good trip down on the amtrak. >> i did. >> hopefully you had the bison chili. >> no. there was no bison chili this time. it was steak or a shrimp pasta or -- >> really? >> yeah. >> i've had the shrimp pasta. >> i had the salad. >> i won't eat bison anywhere but on the amtrak. >> sound policy. >> we'll have more from becky and jim cramer will join her in d.c. for now, let's get up on the morning's top stories. the fed is hold ago two-day meeting in washington and a news conference by bernanke is set for tomorrow afternoon. operation twist expires at the end of this month. the central bank is expected to maintain its purchase of bonds with longer maturities. and we'll

and a cnbc exclusive interview with richmond fed president jeff lacquer at 10:30 even on "squawk on the street." right now, take another quick look at the futures. you're going to see the dow futures up by about 54 points above fair value. s&p futures just over 7. >>> welcome back to "squawk box." let's get back to our special guest david tepper. founder, president and cio of $16 billion hedge und appaloosa management. when we last left you before the commercial we were all trying to get a read on where you were going with this in terms of the equity market. i think you were suggesting that it's weakly priced. you can tell me. >> you think? >> that's what i thought. >> you are a keen analyst. >> you were waffling. >> i was waffling? >> you were giving signals. >> i was giving signals? >> the bond market was too high. >> listen at 12 times next years with these interest rates, with these fed, yeah, of course it's cheap. but you still do have the stuff that's going on in washington that's holding back everybody and everything. the question is how much does it mean, what will it do,

, there is so much money sitting on the side lines, not junk among big american companies. you had ge's jeff immelt come out yesterday indicating yet again so much as investment is being put on the side while people are waiting for clarity and investors that have been running away from the stock market for the last few weeks could come back again if they think there's some kind of deal. if you look at the figures yesterday, you had about $240 billion going into bond funds so far this year. you've had 127 coming out of equity funds and that's partly because of the concern about where we're going with the economy, but also fiscal cliff. so there is real potential for pent up demand going into the market if people begin to trust that actually a framework has been put in place and a bit of political sanity has suddenly broken out. >> that could be a big christmas present. >> we were all obsessed with this, cliff, cliff, cliff, cliff, cliff, and then newtown hits, as well. and it's like, what are we talking about? we're talking about two points of some -- it's like wage -- you know, there's thing

they precipitate -- jeff immeld say it has gotten soft because of the uncertainty surrounding the cliff. >> you want to talk about bubble s? >> you mentioned the tech bubble in your previous comment. i was looking at numbers i find interesting. in 2000, cisco was selling at 100 times earning, had nobody recommending it and had no yield income and dividend dents at 6 1/2%. this morning, cisco less than 10 times earnings yields 3% and 10 year governments are 1.8% down from 6 1/2. 3% substantially over 10 year government bond rates. the government isn't an equity market, in my opinion a 10 year yield equity market. >> do you like cisco? >> we don't own it. we own qualcomm, we own sprint, googl google. >> you don't own apple? >> we did own apple. we did very well in it. we had a position through options but much smaller than it was. there are questions, issues. i'm not keen on their financial management, in terms of sitting on all that cash, earning zero. i think we should be more creative and innovative. a great company and great product. i have an iphone 5 and very pleased with it. i have an ipad

mentioned a lot. the physicist. are you allowed to dissent like the way jeff lacker dissents? who would have been your pick? >> well, i was part of the group. and, you know, there was dissent within the group. you referred to earlier, yeah, it is one of the best things and the most fun things that we do within the group. but ultimately, it is rick stengel, the managing editor, it is ultimately his pick and what happens in the small council room stays in the small council room. >> jim, thanks so much. great seeing. >> nice to be here. >> jim frederick from "time." >> a battle brewing between facebook's instagram and twitter, and it involves your photos. we've got the details later on. right after the break, steven schoenfeld is here to tell us where your message money is being put to work in 2013. customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy.

be the ceo. jeff speaker is known as probably the most innovative ceo in the exchange industry right now. i think duncan, you know, i think that the deutsche bourse deal, i think he wants to leave the nyse a better, bigger place with a -- it's his legacy. but i don't think he will be, if the deal comes, he'll be the ceo. >> okay. richard we're going to leave it there. we thank you. and we will await this news, and hope it comes soon. still to come, we've got steve forbes, the editor in chief and chairman of forbes media. he's going to give us his views on the fiscal cliff. he's in "squawk's" green room prepping for his appearance as we speak. and then, looking for a last-minute present? i know i am. how about one of these mcclarens? they start at about $225,000. i don't know if my credit card can handle that. the company's managing director joins us with a very big unveil. "squawk" is back in two minutes. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345

the culture. dr. jeff gardeir is here to talk to us before we get to talk about how culture is playing a role in this. the brother says the shooter has a personality disorder. help us understand that what is he talking about when he says a personality disorder? >> well, he may be talking about something we call a skits zip code or a skits owe type personality disorder. what we know about these particular disorders, people isolate themselves, they have a bit of a different reality. they don't have many social or interactional skills. >> brian: seems went through high school. >> from what we hear and they have their own reality. we are not saying that they are schizophrenic. they don't have hallucinations but they certainly live in a different world than ours. >> our world has changed over the last 20, 30 years. the culture has changed. i was talking a little bit about apparently this guy was an expert gamer. >> yeah. >> steve: maybe the rating system needs to be changed with regard to video games. he seems to have been deadly accurate. >> he might have learned how to do that on those gaming sy

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